The Baltimore Life Insurance Co. introduced a new product it says combines life insurance and annuity elements into one product, accepting funds from both non-qualified annuities and qualified plans.

Generation Legacy, unveiled recently by the Baltimore, Md.-based company, operates much like its Single Premium Whole Life insurance product, but broadens the wealth transfer opportunity by offering a tax-efficient way of using non-qualified annuities and qualified assets to fund an income tax-free death benefit to heirs, according to the company.

The new product has characteristics including annual single premium immediate annuity (SPIA) payouts made for 10 years for issue ages 60 to 74, or seven years for ages 75 to 80 and several liquidity features.

When the client dies, the beneficiary receives the life insurance policy death benefit and any scheduled unpaid SPIA payouts until the SPIA duration ends, Baltimore Life said in a statement. However, the beneficiary may elect the commuted value of future unpaid SPIA payouts in a lump sum.